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Question on bank wire transfers...

Discussion in 'Other Off Topic Forum' started by lesterm, Dec 22, 2003.

  1. lesterm

    lesterm Formula Junior

    Nov 3, 2003
    608
    Durham, NC
    I opened a checking account with the Bank of New York today, and I was looking over their fees after I got home. Apparently they charge $12.00 for incoming wire transfers? I use Paypal a lot, so, will I get charged $12.00 everytime I transfer money from my Paypal account to my bank account? Also, to verify my account with Paypal, Paypal needs to transfer a few cents into the account. I hope they don't charge me $12 for a $0.05 deposit!

    Maybe I should have just stayed with Citibank.
     
  2. Challenge

    Challenge Formula 3

    Sep 27, 2002
    1,492
    PA
    Full Name:
    Kevin
    You'll only get hit with the $12.00 chanrge on incoming wires. Paypal transfers, direct deposit, etc. are ACH transactions and should be free. This includes Paypal's two "deposits" for identity verfification.
     
  3. Schatten

    Schatten F1 World Champ
    Rossa Subscribed Owner

    Apr 3, 2001
    11,234
    Austin, TX
    Full Name:
    Randy
    as stated above, those aren't wires. anything incoming like that would be an ACH transaction. a wire is specifically someone wiring you funds from another banking account which goes in immediately. the fees for outgoing wires, if you notice on the fee schedule, will be anywhere between 25 and 45 for domestic to international wire transfers.

    in dealing with a handful of companies in japan, I'm sent an invoice with banking information and on the invoice there is a wire fee. they don't want to be hit with it, so they tack it on my side. most of the time, it is a nominal fee, like $12, when transferring several thousands of dollars over.
     
  4. lesterm

    lesterm Formula Junior

    Nov 3, 2003
    608
    Durham, NC
    Great. Thanks for the information :)
     
  5. SRT Mike

    SRT Mike Two Time F1 World Champ

    Oct 31, 2003
    23,199
    Taxachusetts
    Full Name:
    Raymond Luxury Yacht
    PayPal, your paycheck deposit, etc, etc, are considered EFT's (electronic fund transactions) and are free, as others mentioned.

    Wire transfers are where you call the bank and say "I need to send $XXX to account number 12345678 at Bank of Buku", then you pay $12.

    Be careful linking in a PayPal account... lots of people (including me) have had problems with them. They are an unregulated bank. Make sure you never keep $$ in that bank account and only use it for PayPal.
     

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